Consumer Credit
US Congress 116th Congress
Overdraft Protection Act of 2019 [HB-4254]
Prohibits a depository institution from engaging in unfair or deceptive acts in connection with overdraft coverage. Each depository institution that offers overdraft coverage for accounts must disclose overdraft coverage fees. It must also disclose that the consumer's transaction may be declined if there are insufficient funds in the related transaction account, and the consumer will not be charged a fee if such transaction is declined. A depository institution must provide certain other disclosures regarding its overdraft protection program, including
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Credit Access and Inclusion Act of 2019 [HB-4231]
Allows for the reporting of certain positive consumer-credit information to consumer reporting agencies. Specifically, a person or the Department of Housing and Urban Development may report information related to a consumer's performance in making payments either under a lease agreement for a dwelling or pursuant to a contract for a utility or telecommunications service. However, information about a consumer's usage of any utility or telecommunications service may be reported only to the extent that the information relates to payment by the consumer
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SERV Act Successful Entrepreneurship for Reservists and Veterans Act [HB-3734]
Requires (1) the Small Business Administration to report on the veterans interagency task force; and (2) the Government Accountability Office to report on access to credit for small businesses owned and controlled by veterans, Reservists, or their spouses.
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Clarity in Credit Score Formation Act of 2019 [HB-3629]
Provides that the Consumer Financial Protection Bureau (CFPB) must regulate credit score models by establishing standards for validating the accuracy and predictive value of these models. The bill also gives the CFPB the authority to prohibit the use of certain factors in credit score models. The CFPB must report on the impact of the inclusion of nontraditional data in these models.
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Clarity in Credit Score Formation Act of 2019 [HB-3629]
Provides that the Consumer Financial Protection Bureau (CFPB) must regulate credit score models by establishing standards for validating the accuracy and predictive value of these models. The bill also gives the CFPB the authority to prohibit the use of certain factors in credit score models. The CFPB must report on the impact of the inclusion of nontraditional data in these models.
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Justice for Student Borrowers Act [HB-3764]
Prohibits a predispute arbitration agreement from being valid or enforceable if it requires arbitration of a dispute relating to a private education loan.
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ISA Student Protection Act of 2019 [S.2114]
Provides for income-share agreements whereby a student agrees to pay a percentage of future income, for a specified period of time, in exchange for funds to pay for educational expenses. The bill places caps on the percentage of a student's future income that may go towards repayment, provides income minimums under which the required payment is zero, and establishes limitations on the length of these agreements. The bill provides for the treatment of these agreements under various laws, including tax, securities, and consumer finance laws.
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Economic Mobility Corps Act of 2019 [HB-3845]
Establishes the Economic Mobility Corps for the purpose of providing support to community development financial institutions and projects related to financial counseling, financial services, job placement, small business financing, affordable rental housing financing, commercial facility financing, community facility financing, single-family home financing, and foreclosure prevention services. Specifically, the Corporation for National and Community Service and the Department of the Treasury must establish grants and other support for this program.
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Student Loan Debt Relief Act of 2019 [HB-3887]
Establishes programs to cancel certain student loan debt and refinance student loans. First, the bill requires the Department of Education (ED) to automatically discharge (i.e., repay or cancel) up to $50,000 of outstanding student loan debt for each qualified borrower. Borrowers with an adjusted gross income of $100,000 or less, based on the most recent tax year, may receive the maximum loan cancellation. Borrowers with an adjusted gross income above $100,000 may receive partial loan cancellation. Members of Congress are not eligible to receive
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Christopher Bryski Student Loan Protection Act Christopher’s Law [S.2405]
Establishes requirements concerning the private student loans of a deceased or disabled borrower. Upon the event of the death, disability, or inability to engage in any substantial gainful activity of a student loan borrower, the lender of a private education lender must discharge the liability of the borrower, estate of the borrower, and any cosigner of the loan or parent borrowers. In addition, the bill establishes disclosure requirements for such lenders with respect to such loans.
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Equal Employment for All Act of 2019 [HB-3862]
Prohibits a consumer reporting agency from furnishing an employer with a consumer credit report containing information on the consumer's creditworthiness, credit standing, or credit capacity if the employer intends to use that information for any decision made for employment purposes. An employer may use such a report in either an employment decision or before taking an adverse employment action with the consumer's authorization under certain circumstances. Specifically, a report may be used if the consumer applies for or holds employment that requires
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Stop Online Booking Scams Act of 2019 [S.2229]
Prohibits third-party hotel-booking websites from marketing, or selling reservations for, a hotel room if the booking site states or implies that it is affiliated with the hotel owner or operator when it is not.
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National Climate Bank Act [S.2057]
A bill to establish a National Climate Bank.
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Free Credit Scores for Consumers Act of 2019 [HB-3618]
Requires credit reporting agencies to provide free credit scores to consumers with their free annual consumer reports. The bill also provides for automatic free credit scores and consumer reports in specified circumstances. Credit reporting agencies must provide consumers with additional information regarding the calculation of their credit score. Specified lenders must give consumers free copies of any consumer reports and credit scores they used for underwriting before consumers sign the respective loan agreements.
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Restoring Unfairly Impaired Credit and Protecting Consumers Act [HB-3622]
Revises requirements regarding consumer credit information included by a consumer reporting agency on a credit report, including by requiring removal of adverse information that resulted from specified fraudulent lending activity, shortening the time period adverse information stays on reports, and limiting the inclusion of certain medical debt on reports. The bill also requires a consumer reporting agency to provide free credit monitoring and identity theft protection services to certain consumers, including victims of fraud, active duty military,
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Comprehensive CREDIT Act of 2020 Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 [HB-3621]
Provides for additional consumer credit protections, sets forth requirements for credit reporting agencies, and prohibits the inclusion of specified information on credit reports. TITLE I—IMPROVEMENTS TO THE DISPUTE PROCESS The dispute process for consumers challenging information contained on their credit report is revised for challenges (1) through the credit reporting agency, and (2) through the furnisher of credit information. Credit reporting agencies must disclose to consumers how to dispute this information. If a credit report is revised
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Restricting Credit Checks for Employment Decisions Act [HB-3614]
Generally prohibits a consumer reporting agency from providing a consumer's credit information for employment purposes, unless otherwise required by law or for a national security investigation.
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Students and Young Consumers Empowerment Act [HB-3547]
Establishes the Office for Students and Young Consumers within the Consumer Financial Protection Bureau and eliminates the position of Private Education Loan Ombudsman. Currently, the Private Education Loan Ombudsman provides assistance to borrowers of private education loans. The Office for Students and Young Consumers must provide assistance to borrowers of private or federal student loans and enter into an information-sharing agreement with the Department of Education. The office must also report annually regarding campus banking and the student
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Small Business Lending Fairness Act [S.1961]
Prohibits as a condition to a loan or extension of credit a confession of judgment or similar agreement. (A confession of judgment is an agreement to a judgment of liability without notice and opportunity to be heard in court in the event of the default of a borrower.)
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Small Business Lending Fairness Act [HB-3490]
Prohibits as a condition to a loan or extension of credit a confession of judgment or similar agreement. (A confession of judgment is an agreement to a judgment of liability without notice and opportunity to be heard in court in the event of the default of a borrower.)